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© Rex Features / Linda Matlow
IGN claims that the biopic will be produced by Union Square Media alongside American Original.
Foley will co-write the film, which will tell the story of his rise to fame during the so-called 'Attitude' era of World Wrestling Entertainment.
"I am thrilled to have the opportunity to finally bring my story to the screen," Foley said. "With Union Square as my tag-partner, I foresee many entertained or shocked audiences in the future."
Foley is currently involved with TNA Wrestling but is best known for his appearances as the characters Mankind and Cactus Jack in WWE between 1996 and 2008.
The film will be directed by Christopher J. Scott, who will co-write it with Foley, but no release date has yet been announced.
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